Dubai-based crypto exchange JPEX faces turmoil as Hong Kong regulators crack down, leading to arrests and accusations of a $178 million fraud. Discover the unfolding events and the implicated executives in Taiwan.
Dubai’s JPEX faced a sudden crackdown by Hong Kong regulators, prompting the exchange to cease operations. The Earn program came under scrutiny, leading to a 99% withdrawal fee and a swift block on platform access. JPEX representatives abandoned a local crypto event, where they were sponsors, amid allegations from Hong Kong authorities of a $178 million fraud.
Despite arrests in Hong Kong, doubts arise about the true orchestrators, with reports pointing to key figures in neighboring Taiwan. The South China Morning Post reveals the ongoing investigation and the intricate web surrounding JPEX’s downfall.